Developed Countries ( listening and reading, with vocabulary ) Assignment

Developed Countries ( listening and reading, with vocabulary ) - Assignment Example What is more surprising is the fact that the economy of the world is controlled by the developed countries since they have the power over global financial institutions such as the World Bank and the international Monitory Fund (IMF). Less developed countries are not given the same opportunity to make decisions that can shape the global economy. I therefore, chose this topic to gain a clear understanding of the major roles played by the developed countries in running the world economy and the role played by the other less developed countries. 2 What was it about? The video is about the outlook for US economic growth which is a developed country and its economy is used as a yardstick to measure the performance of the economy of the world at large. On the other hand, the story seeks to highlight how the developed countries such as USA and other European countries have been monopolising the global financial institutions such as World Bank and the IMF for their own benefit with regards to economic development. The story is clearer about how the developed countries are abusing their power to control the world economy while there are other countries with strong economies like China but have little influence over the decisions made by the developed countries at the World’s biggest financial institutions. 3 Did you read or listen first? Why? Do you think the order you chose helped you or not? How many times did you need to read & listen before you felt confident about understanding the topic and vocabulary? How do you feel about this topic, e.g. positive or negative feelings? Do you agree/disagree with the ideas?† I watched and listened to the video at least two times to gain a clear understanding of why the developed countries such as USA have more power to determine the state of the economy in the world. I think this helped me since the video explained more about the IMF’s predictions of the US economy which is a developed country. After reading th e story, I came to grasp the meaning of some economic terms that have been used and I gained confidence about their meaning after reading and listening to the story and video for at least two times. I feel positive about this topic because the developed countries are mainly concerned with economic activities that will benefit themselves at the expense of developing countries which are given less power to influence the decisions made by institutions such as World Bank and IMF. 4 Did you learn anything new from this reading & listening? What? I learnt a lot of things from listening to the video. I leant that the price of oil is the major determinant of the economic status of developed countries like USA and the world at large. If oil prices increase, there is likely to be a general increase in the prices of many commodities and job losses can be witnessed. In the story, I also leant that if developed countries continue to control the IMF and World Bank, they will suppress other develo ping countries given that the economies of emerging economies like India and China are developing more that America at the moment by they have no controlling stake in these institutions. 5 Was this topic connected in any way to your future studies and if so, how do